Shekel Heckle: James Ottaway Blows Up

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August 1, 2007 | 10:05 a.m.

Here was former Dow Jones board member James Ottaway Jr.'s reaction to the news that the Dow Jones board was ready to approve the sale to Rupert Murdoch's News Corp.:

It’s a bad thing for Dow Jones and American journalism that the Bancroft Family could not resist Rupert Murdoch’s generous offer.

It’s a sad thing that the 105-year family tradition of protecting Dow Jones independence as a public trust will end.

I hope Rupert Murdoch, and whoever follows him at News Corp., will keep his promises to protect and invest in the unique quality and integrity of the Wall Street Journal, Barron’s and all the Dow Jones electronic news services.

And I hope the Bancroft Family, which has been torn apart by Murdoch’s poison pill offer, will enjoy family peace after so many years of patient and caring support for Dow Jones and its people.

At this global information age, it is outrageous that anyone should have to pay an estimated $30 million to outside advisors. It is ironic indeed for the Bancroft family to have to pay 30 shekels of silver to their investment bankers, and 30 shekels of gold to their corporate lawyers, for scaring some of them into betraying their 105-year family loyalty to Dow Jones independence.